Central Vermont Public Service

Last updated
Central Vermont Public Service Corp
Type Public
NYSE: CV
IndustryUtilities
Founded1929 [1]
Defunct2012
FateAcquired by Gaz Métro; folded into Green Mountain Power
Headquarters77 Grove Street, Rutland, Vermont,
United States
Area served
Vermont
Services
  • electric utilities

Central Vermont Public Service Corp. (CVPS) was the largest electricity supplier in Vermont. [2] Its customer base covered 160,000 people in 163 towns, villages and cities in Vermont. The company generated revenue mainly though purchased electricity through its subsidiaries including C.V. Realty, Inc., East Barnet Hydroelectric, Inc., and Catamount Resources Corp. [3]

Contents

History

In 1929, the company was founded by combining eight Vermont electric companies. The creator was Samuel Insull. The company was among the first companies to successfully use wind to generate electricity and organized Yankee Atomic Electric Company to make a trial in atomic power. [1]

In 1990s and 2000s, CVPS struggled to maintain profitability [1] and was acquired by Quebec's Gaz Métro on June 27, 2012, merging into its Green Mountain Power subsidiary through Gaz Métro's American operations, Northern New England Energy Corporation. [2] Gaz Métro purchased CVPS for $472 million, outbidding another Canadian company who sought CVPS, Fortis Inc. [4]

Related Research Articles

The British Columbia Hydro and Power Authority, operating as BC Hydro, is a Canadian electric utility in the province of British Columbia. It is the main electricity distributor, serving more than 4 million customers in most areas, with the exception of the City of New Westminster, where the city runs its own electrical department and portions of the West Kootenay, Okanagan, the Boundary Country and Similkameen regions, where FortisBC, a subsidiary of Fortis Inc. directly provides electric service to 213,000 customers and supplies municipally owned utilities in the same area. As a provincial Crown corporation, BC Hydro reports to the BC Ministry of Energy, Mines and Low Carbon Innovation, and is regulated by the British Columbia Utilities Commission (BCUC). Its mandate is to generate, purchase, distribute and sell electricity.

<span class="mw-page-title-main">Emera</span> Canadian energy company

Emera Incorporated is a publicly traded Canadian multinational energy holding company based in Halifax, Nova Scotia. Created in 1998 during the privatization of Nova Scotia Power, a provincial Crown corporation, Emera now invests in regulated electricity generation as well as transmission and distribution across North America and the Caribbean.

Fortis Inc. is a St. John's, Newfoundland and Labrador-based international diversified electric utility holding company. It operates in Canada, the United States, Central America, and the Caribbean. In 2015, it earned CA$6.7 billion.

<span class="mw-page-title-main">Electricity sector in Canada</span>

The electricity sector in Canada has played a significant role in the economic and political life of the country since the late 19th century. The sector is organized along provincial and territorial lines. In a majority of provinces, large government-owned integrated public utilities play a leading role in the generation, transmission, and distribution of electricity. Ontario and Alberta have created electricity markets in the last decade to increase investment and competition in this sector of the economy.

<span class="mw-page-title-main">Constellation Energy</span> Energy company headquartered in Baltimore, Maryland

Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.

<span class="mw-page-title-main">FirstEnergy</span> American electric utility

FirstEnergy Corp is an electric utility headquartered in Akron, Ohio. It was established when Ohio Edison merged with Centerior Energy in 1997. Its subsidiaries and affiliates are involved in the distribution, transmission, and generation of electricity, as well as energy management and other energy-related services. Its ten electric utility operating companies comprise one of the United States' largest investor-owned utilities, based on serving 6 million customers within a 65,000-square-mile (170,000 km2) area of Ohio, Pennsylvania, West Virginia, Virginia, Maryland, New Jersey, and New York. Its generation subsidiaries control more than 16,000 megawatts of capacity, and its distribution lines span over 194,000 miles. In 2018, FirstEnergy ranked 219 on the Fortune 500 list of the largest public corporations in the United States by revenue.

<span class="mw-page-title-main">Aquila, Inc.</span> Defunct electric utility company

Aquila, Inc. was an electricity and natural gas distribution network headquartered in Kansas City, Missouri in the United States. The company also owned and operated power generation assets. It previously operated under the name UtiliCorp United, Inc. The company at one time ranked #33 on the Fortune 500 list.

<span class="mw-page-title-main">Ameren</span> American utilities provider

Ameren Corporation is an American power company created December 31, 1997, by the merger of St. Louis, Missouri's Union Electric Company and the neighboring Central Illinois Public Service Company of Springfield, Illinois. It is now a holding company for several power companies and energy companies. The company is based in St. Louis, serving 2.4 million electric, and 900,000 natural gas customers across 64,000 square miles in central and eastern Missouri and the southern four-fifths of Illinois by area.

<span class="mw-page-title-main">WEC Energy Group</span> American Utility Company

WEC Energy Group is an American company based in Milwaukee, Wisconsin that provides electricity and natural gas to 4.4 million customers across four states.

PacifiCorp is an electric power company in the western United States.

FortisBC is a Canadian owned, British Columbia based regulated utility focused on providing safe and reliable energy, including natural gas, Renewable Natural Gas, electricity and propane. FortisBC has approximately 2,600 employees serving more than 1.2 million customers in 135 B.C. communities and 58 First Nations communities across 150 Traditional Territories.

<span class="mw-page-title-main">ITC Transmission</span>

ITC Holdings Corporation is an American energy company which owns and operates high-voltage electricity transmission networks. Headquartered in Novi, Michigan, ITC has operations in Michigan, Illinois, Iowa, Kansas, Minnesota, Missouri, Oklahoma, and Wisconsin. The company is a wholly-owned subsidiary of Canadian energy company Fortis Inc.

MDU Resources Group, Inc. is a U.S.-based corporation supplying products and services to regulated energy delivery and utilities related construction materials and services businesses. It is headquartered in Bismarck, North Dakota, and operates in 48 states.

Énergir, formerly known as Gaz Métro, is an energy company with 520,000 customers in Quebec and the northeastern United States. It is the largest natural gas distribution company in Quebec, and, through subsidiaries, also produces electricity from wind. In the United States the company operates through subsidiaries in nearly fifteen states, where it produces electricity from hydroelectric, wind and solar sources, in addition to being the leading electricity distributor and the sole natural gas distributor in Vermont.

The Ohio Valley Electric Corporation (OVEC) is a company jointly owned by several parent electrical utilities. It is headquartered in Piketon, Ohio. OVEC and its wholly-owned subsidiary, Indiana-Kentucky Electrical Corporation (IKEC), own and operate two coal-fired electrical generating plants. They are the Kyger Creek Power Plant, located near Gallipolis, Ohio, and the Clifty Creek Power Plant near Madison, Indiana.

This is a list of Electricity distribution companies by country.

Vermont electric power needs are served by over twenty utilities. The largest is Green Mountain Power, a subsidiary of Énergir which recently also took over Central Vermont Public Service. Together this single company represents 70% of the retail customers in Vermont. The state is a small electricity consumer compared with other states. Therefore, its electricity sector has the lowest carbon footprint in the country. As of 2010, the state had the lowest wholesale electricity costs in New England. Efficiency Vermont engages in aggressive initiatives to cut residential electricity waste, which often identifies other problems that it claims can save hundreds per household per year. Accordingly, Vermont's overall energy bills are also relatively lower than in the rest of the New England states.

<span class="mw-page-title-main">Central Hudson Energy Group</span> Utility company in New York State, U.S.

CH Energy Group, Inc. is most known for its subsidiary Central Hudson Gas & Electric, commonly known as Central Hudson. Central Hudson Gas & Electric delivers electricity and natural gas to residents of a 2,600-square-mile (6,700 km2) service territory that extends north from the suburbs of metropolitan New York City to the Capital District at Albany. It is a subsidiary of Fortis Inc., a diversified electric utility holding company based in Canada, though Central Hudson is headquartered in Poughkeepsie, New York.

<span class="mw-page-title-main">Electric Bond and Share Company</span>

The Electric Bond and Share Company (Ebasco) was a United States electric utility holding company organized by General Electric. It was forced to divest its holding companies and reorganize due to the passage of the Public Utility Holding Company Act of 1935. Following the passage of the Act, the U.S. Securities and Exchange Commission (SEC) selected the largest of the U.S. holding companies, Ebasco to be the test case of the law before the U.S. Supreme Court. The court case known as Securities and Exchange Commission v. Electric Bond and Share company was settled in favor of the SEC on March 28, 1938. It took twenty-five years of legal action by the SEC to break up Ebasco and the other major U.S. electric holding companies until they conformed with the 1935 act. It was allowed to retain control of its foreign electric power holding company known as the American & Foreign Power Company (A&FP). After its reorganization, it became an investment company, but soon turned into a major designer and engineer of both fossil fuel and nuclear power electric generation facilities. Its involvement in the 1983 financial collapse of the Washington Public Power Supply System's five nuclear reactors led to Ebasco's demise because of the suspension of nuclear power orders and lawsuits that included numerous asbestos claims. The U.S. nuclear industry stopped all construction of new facilities following the 1979 nuclear meltdown at Three Mile Island, going into decline because of radiation safety concerns and major construction cost overruns.

References

Notes
  1. 1 2 3 "Central Vermont Public Srv Corp. History". Funding Universe. Retrieved 2016-01-15.
  2. 1 2 "Montréal, June 27, 2012. Gaz Métro completes acquisition of Central Vermont Public Service Corporation". corporatif.gazmetro.com. 2012-06-27. Retrieved 2014-02-20.
  3. "Central Vermont Public Service Corp, Inc.: NYSE:CV quotes & news - Google Finance". Google.com. Retrieved 2014-02-20.
  4. The New York Times: "Gaz Metro Bests Fortis to Buy Vermont Utility", July 12, 2011.